The Q2 result was a fall to 103.5, at a below average level. While not as dire as business confidence it does indicate continuing nerves on the economic outlook.
Since then, of course we've had the 50bp cut from the RBNZ. Which indicates nerves at the Bank also.
103.1 the result this time around, edging lower still. Given the direction of global economic news this shouldn't be too much of a surprise. The glimmers of (what I believe will prove to be misguided) hope on US-China relations came a bit too late for this survey.
103.1 is its lowest in 7 years.
WPAC suggest the bigger than expected rate cut from the RBNZ was a 'scare' for folks.
(ps. WPAC expect the RBNZ will cut again in November, this time 25bps, citing GDP growth short of expectations again).
